Press release
SINOVAC Receives Nasdaq Notification Regarding Late Filing of 2024 Annual Report
BEIJING--(BUSINESS WIRE)-- Sinovac Biotech Ltd. (NASDAQ: SVA) (“SINOVAC” or the “Company”), a leading provider of biopharmaceutical products in China, today
About this update from Sinovac Biotech, Ltd.
[{"type":"text","content":" BEIJING--(BUSINESS WIRE)--\nSinovac Biotech Ltd. (NASDAQ: SVA) (“SINOVAC” or the “Company”), a leading provider of biopharmaceutical products in China, today announced that it received a notification letter dated May 16, 2025 (the “Notification Letter”) from Nasdaq Listing Qualifications (“Nasdaq”), stating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) since the Company did not timely file its annual report on Form 20-F for the year ended December 31, 2024 (the “2024 Annual Report”).\n\nPursuant to the Nasdaq Listing Rules, the Company has 60 calendar days from the date of the Notification Letter, or until July 15, 2025, to submit a plan to regain compliance (the “Compliance Plan”). If Nasdaq accepts the Compliance Plan, it may grant the Company an exception until November 11, 2025, to regain compliance. If Nasdaq does not accept the Compliance Plan, the Company will have the opportunity to appeal that decision to a hearing panel under Nasdaq Listing Rule 5815(a).\n\nAs previously disclosed, on April 15, 2025, Grant Thornton Zhitong Certified Public Accountants LLP (“Grant Thornton”) notified the Company that it had resigned as the Company’s independent registered public accounting firm. The Company’s audit committee has commenced and is diligently conducting a process to evaluate and select a new independent registered public accounting firm so that the 2024 Annual Report can be filed as soon as practicable. The Company intends to submit the Compliance Plan within the prescribed 60-day period ending July 15, 2025.\n\nAbout SINOVAC\n\nSinovac Biotech Ltd. (SINOVAC) is a China-based biopharmaceutical company that focuses on the R&D, manufacturing, and commercialization of vaccines that protect against human infectious diseases.\n\nSINOVAC’s product portfolio includes vaccines against COVID-19, enterovirus 71 (EV71) infected hand-foot-mouth disease (HFMD), hepatitis A, varicella, influenza, poliomyelitis, pneumococcal disease, etc.\n\nThe COVID-19 vaccine, CoronaVac®, has been approved for use in more than 60 countries and regions worldwide. The hepatitis A vaccine, Healive®, passed WHO prequalification requirements in 2017. The EV71 vaccine, Inlive®, is an innovative vaccine under “Category 1 Preventative Biological Products” and commercialized in China in 2016. In 2022, SINOVAC’s Sabin-strain inacti...